European Central Bank hikes interest rates to combat inflation

The European Central Bank raises interest rates for the ninth straight time in its yearlong campaign to stamp out high inflation as households and businesses face a double hit from price spikes and higher rates

President of European Central Bank Christine Lagarde smiles during a press conference in Frankfurt, Germany, July 27, 2023, after a meeting of the ECB's governing council. / Photo: AP

ECB President Christine Lagarde had all but promised the quarter-percentage point increase and said the bank's next moves would be determined by what the data — including inflation and job numbers — will show. She said that if there is a pause at the next meeting in September, “it would not necessarily be for an extended period of time.” Decisions may vary from one meeting to the next, Lagarde said.

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